The rupee settled at 68.8975 against 69.04 at the previous close. The local unit moved in 68.88-69.13 per dollar band intra-day.
Dollar/rupee ended down Friday on selling by exporters after the spot rose to one-month high level during intraday trades. Exporters sold dollars taking advantage of the high level in spot, above Rs 69/$1. Long liquidation happened ahead of the weekend in the second half of the day. Meanwhile, the greenback strengthened against its major counterparts after a slew of strong economic data from the US and a dovish European Central Bank Policy, which kept its rates unchanged .
The dollar hit its highest level in two months early Friday in Europe, resuming its upward trend against both the euro and sterling after unconvincing performances on Thursday from both the European Central Bank and the U.K.’s new Prime Minister. The dollar’s rise is somewhat counter-intuitive, given that second-quarter gross domestic product figures for the U.S.
The Fed is widely expected to cut rates, but there are growing views such a move may be a one-off event, not the start of a major easing cycle. The BOJ is also divided over whether to ease policy, but expectations for a move are low. The dollar traded at 108.620 yen JPY=EBS , near a two-week high of 108.755 yen.
Oil prices rose on Friday and were on track for a weekly increase as geopolitical tensions over Iran remained unresolved, although flagging prospects for global economic growth amid the U.S.-China trade war capped gains.
Gold prices rose on Friday, moving away from a one-week low touched in the previous session, on expectations of monetary policy easing from leading central banks, while investors awaited U.S. economic growth data due later in the day.
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